$28.00 he makes a clear distinction between the assets of the king under the control of the ministry of financend his personal effects and the other one was reduce the amount of the national budget allocated to the king to be in line with the economic conditions of the country now the 1st one is the competition from the 1930 until recently this wealth was managed by an institution called the crown which was inside the ministry of finance and whenever a journalist said the king is very rich the government will come out and say no no this wealth belongs to the country and it's held in trust and minister by the ministry of finance but then 2730 in the secret session of parliament a bill was passed to transfer this wealth into the king's personal name and another act next year slightly modified that and i think that is the origin of some of this concern the king did offer. this struck only in defamation law to be relaxed why is it now being reinforced and with some vague on one has to say you know even with films of the royalists group there are 2 views on this law one says it's absolutely necessar

>> with the ministry of finance, we have a reference index which we relate to. then of course we have kind of a risk budget we can use to be underweight or overweight particular starts. i think perhaps one of the more interesting things is in the future to be underweight some of the more risky situations, and that is where i think we can add quite a bit of value. francine: do you think the markets are currently relying too much on economic stimulus, and does that give you concern going forward? >> it is very clear that we have a record in monetary policy. on top of that, we have kind of record fiscal policy which is now on top of that. it is very clear that that is what has been driving the markets. guy: a sovereign wealth fund talking to fran and tom earlier today on bloomberg surveillance. the european stocks right now, we are wrapping up the session. we have just on the auction. these are the final numbers. the ftse 100 under a little bit of pressure. the dax up 0.3%. the cac 40 performing up a full 1%. jon ferro and i will take you through the hour on digital

because of my position in the ministry of finance he said it was easy for me to communicate with politicians and entice them to disclose information. was interrogated in an office at the defense ministry. mazda made them who was there with. the levy when it was. as israeli they loved most of them and how to get the how to get last carry were seriously you would believe me when phyllis any. similarly. trial began on the 27th of october 1981 and received huge media attention. but interestingly nothing came out during the trial about the many lebanese and other arab politicians who'd been caught in her clan this time web live with fears really really. well the good i am now and the girls on their new. level of it. mid-level to. the. level of. only. on the 25th of july 1062. and was sentenced to death. but you to international pressure including from israel her sentence was commuted to 20 years . can hell if america is even more him than was natural for the letting her have her live got to a front for one second had a sense of loss at the end. that some hours at the end that it was all would be.

boston during the recent wire card scandal and was accused of failing to investigate the fraudulent phone tech firm the german finance ministry said it was looking for a fresh start at the top of the regulator. the world economic forum is 50 years old this year but its golden anniversary event wasn't bigger and better than ever before where the coronavirus pandemic making in person gatherings a no go world leaders came together over the internet as well as driving the form online the virus also dominated its agenda davos hasn't been this quiet in decades no signs of the usual hustle and bustle instead a thick blanket of snow the locals like it that way. you should. i enjoy it there are no great things there is little traffic it is quiet there so your guests i would be happy to not have the w e f here anymore. i mean. what the locals enjoy however is a painful sign of what has happened to the world over the course of the past year online world leaders offered their plans and solutions with regards to the ongoing pandemic and stressed that international cooperation is key to overcoming the crisis. let's the end point though isn

this is true of finance ministries and central banks around the world as well. e know to stay in our lane, we know we have different authorities. we know to work together on some things for the benefit of the public, and i'm absolute ly sure we're going to do that. i haven't spoken to secretary yellen. i'm going to be calling her chair yellen most of the time, so you just have to be patient with me. secretary yellen, i haven't spoken to her since i congratulated her on being nominated. i do expect to very soon begin our regular calls and ultimately meetings, which have gone on really for, you know, 70 years, the treasury secretary and fed chair have had weekly or so meetings lunches, breakfasts, calls depending on the situation. i expect that will happen soon. i have not met the president, president biden, and just, you know, i don't have any comment on your last question. i wouldn't want to comment one way or the other. >> just to follow up briefly, i have some 133 emergency programs that will expire march 31 that the fed and the president have worked on togethe

of russia. actually, it is from the russian finance ministry, i stand corrected, they say they will review asset purchases in january. we put our backs to the markets. it is very clear whatever we are hearing in terms of what investors are trying to grapple with is an implication of rising treasury yields and the spread between the two- and 10-year not. now let's get to the bloomberg first word news. here is leigh-ann gerrans. hi, leigh-ann. leigh-ann: good morning, francine. axios says that senate majority law enforcement officers are treating it like a counterterrorism investigation. so far, more than 70 people have been charged with crimes ranging from trespass to assault. now, the u.k. government is urgently calling on the public to follow the lockdown rules. a continuing surge in -- has continued to push the number on ventilators to the highest since april. they are putting the health of the nation at risk. italy's government is on the brink of collapse. a junior ally to prime minister giuseppe conte -- only at 3% in opinion polls. but if it pulls out, the government would lose its parliame

strong growth in 2020, and the imf really praising the turnabout we have seen at the home of the various finance ministry as essential bank. as you know, rates were hiked which has caused investor confidence. that is why we have seen rising demand for foreign interest in that country's bonds. the imf though also warning the country needs to stick to the program and ward off high inflation. likely to potentially unsettle things. but overall seen the gdp estimate go from 5% to 6% for 2021. so, better-than-expected outlook here in turkey. yousef: and a new deal could bring two rare investment novelties to the region. a cannabis listing and -- simone: i put this out because this deal has everything. this is a cannabis company currently listed in tel aviv. its chairman is a former israeli prime minister. it's going to be merged with a canadian called subversive -- they recently brought on board jay-z as a special chief visionary officer. anyway, the merger is intended to ultimately bring this company to the nasdaq. thinks they can get more liquidity there. value in the company at $300 million. trying to take

of boston during the recent wire card scandal and was accused of failing to investigate the fraudulent vantec firm the german finance ministry said it was looking for a fresh start at the top of the regulator. the world economic forum is 50 years old this year but its golden anniversary event wasn't bigger and better than ever before where the coronavirus pandemic making in person gatherings a no go world leaders came together over the internet as well as driving the form online the virus also dominated its agenda davos hasn't been this quiet in decades no signs of the usual hustle and bustle instead a thick blanket of snow the locals like it that way reclusive i enjoy it there are no great things there is little traffic it is quiet there's fewer guests i would be happy to not have the w e f here anymore. i mean. what the locals enjoy however is a painful sign of what has happened to the world over the course of the past year online world leaders offered their plans and solutions with regards to the ongoing pandemic and stressed that international cooperation is key to overcoming the crisis. does the end point though isn't i

this is true of finance ministries and central banks around the world we know to stay in our lanes we know we have different authorities. we know we work together on some things for the benefit of the public i am absolutely sure we're going to do that i, you know, haven't spoken to secretary yellen i'm going to be calling her chair yellen most of the time. you have to be patient with me secretary yellen i haven't spoken to her since i congratulated her on being nominated. i do expect very soon to begin our regular calls and ultimately meetings, which have gone on really for 70 years, the treasury secretary and the fed chair have had weekly or so meetings, lunches, breakfasts, calls, depending on the situation. i expect that will happen soon i have not met the president, president biden, and just, you know, i don't have any comment on your last question. i wouldn't want to comment one way or the other >> just to follow up briefly, some 13 three emergency programs that will expire march 31 the fed and the treasury have worked on together. do you have an expectation of whether those will

boston during the recent wire card scandal and was accused of failing to investigate the fraudulent fin tech firm the german finance ministry said it was looking for a fresh start at the top of the regulator. the world economic forum is 50 years old this year but its golden anniversary event wasn't bigger and better than ever before where the coronavirus pandemic making in person gatherings a no go world leaders came together over the internet as well as driving the forum online the virus also dominated its agenda davos hasn't been this quiet in decades no signs of the usual hustle and bustle instead of peak blanket of snow. the locals like it that way they can use it. i enjoy it there are no grading so there is little traffic it is quiet there so you are guests i would be happy to not have the w e f here anymore. i mean. what the locals enjoy however is a painful sign of what has happened to the world over the course of the past year online world leaders offered their plans and solutions with regards to the ongoing pandemic and stressed that international cooperation is key to overcoming the crisis. let's do you employ tho

resolutions out been taken and the decisions are are out there it's only about the finance ministry giving up the money and the ministry of social affairs identifying the right for people to collect but money so basically in capacity off the government to actually deliver what it's supposed to deliver in that's own decisions has led us to this in eventually i mean i don't i mean do you see the government then responding to these protests could this pressure on the government then expedite that process in some way. it definitely would because it's only a matter of time before other cities feel the same the weakest link in the country which is tripoli the poor city just took action but at the same time but are protests in beirut there are protests inside than in the south there are protests in 4 to 5 cities and that has been escalating if that goes over the edge i don't think government will be able to send the troops to occupy their own citizens they have to find a solution they have to pay the money and they have to get their act together because people will not stay out for among suffering for the 3rd lockdown without an

approving the shot argentina's health ministry reports a common vaccine reaction in only one percent of those who had the job such as a light headache present alberta finance's dismissed fears of using sputnik the warning it's fallen victim he said to a politically driven international smear campaign. in from him there is a very vicious dispute going on a very cruel dispute and a shameful one where by some discredit how this and i think the 1st thing to bear in mind is that a trade war has been unleashed also since the whole world is eager for the vaccine there's a geo political dispute who will be the want to distribute the vaccine. our sister channel our 2 spanish reporter from outside one vaccination center in the capital one is aries. will be remembered in argentina as the start of the biggest vaccination ever carried out in the country has received 300000 doses of v. now the focus is on monitoring the vaccination of medical workers and hospital staff of caring for people infected with coded 19 they were the 1st to receive the vaccine across medical centers they worked hard to tackle the virus but it's been difficult not least because some of even seeing

of over $100,000 a year. exempt on things like meat, fish, poultry, drinking water. the omani finance ministry this will raise $779 million. value added tax boon for those b ond investors. that is the market we watch most closely. prices for 2029, bonds, as in the investors want to buy the bonds, they are the highest since march 4, right at the very beginning of the impact we saw from the coronavirus. yousef: in israel we are seeing yet another round of measures to combat the coronavirus. what further changes are being imposed there? we had a partial lockdown in place from december 27, but now on thursday night, tonight at midnight, we will see more measures going to affect. all businesses and schools, all nonessential businesses and schools to be closed from that point. the rationale is clear. if you check out gtv , there were over 7000 new cases confirmed in the past two days. more than 9000 cases confirmed on monday. this is the highest levels of coronavirus cases we are seeing, despite the fact that 15% of the population in israel has received their first vaccine. this is very much a t

commerce and finance ministry, we are still seeing strong signs. signs that it will continue around points of. it will continue to move forward. as a result -- indonesia, we met with the bank of indonesia and a host of public and private companies. we are seeing very strong trends. herd immunity. we are seeing significant growth in the private sector and indonesia. we do think some of those will come to market over the next six to 12 months. we are seeing progress. all positive signs that we think the strong performance as indonesia. david: i cannot let you go without asking about the indonesia story. we have already started to see this plan among some of the shortened stocks. should i get into this? what would you say? >> stock prices are driven by fundamentals. they can see severe dislocations. early in my career, one of my traders kept reminding me that a stock going up is not necessarily a sign of fundamentals. that trumps in the short-term. as you start to see announcements like charles schwab withdrawing liquidity from retail option portfolios, you start to take some of the oxygen out o

south korea, where the finance ministry is to announce the 2021 business plan midday. head ofost become a gaining ground after the worst today drop in mid june, which deepened after samsung was ordered back -- samsung's chief was ordered back into prison for bribery. we are seeing a drop in shares after extended losses into monday. we are seeing -- shares. you have kiwi stocks under pressure, on the course for a seventh day of losses. the s&p 500, raising 1%. the aussie, holding below 77. we are seeing the curve flattening today for a seventh session. the rba, expected to extend asset buying. can crash treasuries are to resume trading today. that shan't cash treasuries are to resume trading -- and cash treasuries are to resume steady today. the dollar, holding steady, with a -- with dollar shorts building ahead of that. >> joe biden's and molding relief plans -- joe biden's inauguration, with mulling relief plans. we see more turmoil in d.c. i wonder whether there are any risks as we get this hand over. >> there's always people concerned about things. obviously, if we get more

this is part of efforts to try to encourage or private sector to put their shares into the exchange. the project was announced by the finance ministrystatement itself said this is -- this has been done in partnership with the dow exchange. it is quite interesting to see this. we have reported several different steps the saudi exchanges doing -- exchange is doing in trying to bring more companies, especially the smaller companies, the private names, to the biggest exchange we have in the region. yousef: are you driving? it sounds like you are. it is not safe to do that. last question and we will let you go on. turkish market action, a partnership with the consulting firm mckinsey to develop e-commerce solutions. what do we know? >> that is an interesting deal we had details on last friday as well. it is the largest company in the turkish stock exchange by market value. they said they partnered with mckinsey, the big american consulting group, to develop e-commerce and distribution within turkey. they are going to do this through one of their units and they -- the new company is going to be called -- i'm sorry, and they will invest ar

of hope going forward? erik: the only restraints in this area, in my opinion, is in europe where people are worried too much about the public debt. go to berlin and the finance ministryhere, and there is a complete new open minded approach in the right way, i think. europe is not held back as we were almost 10 years ago. francine: how does the ecb actually talk around euro? erik: i wish it didn't, to be honest. on any measure that i'm aware of, the euro in trade-weighted terms against the dollar is not all value. give or take -- it is not increasing levels. the central bank should not be playing after the exchange -- sit back and relax and see how it is playing. it is part of the overall monetary conditions that they do look at, and in a sense they have committed to -- that is the right policy. that is the big story, in my opinion. francine: what about yield curve control? does it actually matter? erik: i think that is exactly right. they would never admit that and for good reasons. but back in march, they state it, very clearly, that the objective is a tightening of monetary conditions. that yield curve control, and that this is very important. so it applies to all

its finance ministries in banks around the world we notice tanner lanes, we know we have different authorities, we know we work together on some things to -- for the benefit of the public purdum absolute sure were going to do that. i haven't spoken to secretary yellen. going to call her chair yellen bus the time you're going to have to patient with me. i've not spoken to her since i congratulated her on being nominated. i do expect very soon to begin our regular calls and ultimately meetings which have gone on really for 70 years the treasury secretary and the fed chair have had weekly or so meetings, lunches, breakfast, calls, depending on the situation. i expect that will happen soon. i've not met the president, president biden. i did not have any comment on your last question. it would not want to comment one way or the other. direct just a follow-up, some emergency programs that will expire march 31 with the fed and the treasury of worked on. do you have an expectation whether those will be left to expire then? or if they will be extended? i will just say our facilities were very successful in supporting the economy during its darkest moments. i believe

of schulz. i can give a shout out to my -- hola schulte. -- olaf scholz. i can give a shout out to my producer. arrest over to the finance ministryver to the finance ministry, an unbelievably cool building. i asked him about the capitol and washington, d.c. and wa- [announcer] imagine having fuller, thicker, more voluminous hair instantly. all it takes is just one session at hairclub. introducing xtrands. xtrands adds hundreds or even thousands of hair strands to your existing hair at the root. they're personalized to match your own natural hair color and texture, so they'll blend right in for a natural, effortless look. call in the next five minutes and when you buy 500 strands, you get 500 strands free. call right now. (upbeat music) olaf: it was really embarrassing for a lot of us to see at the capitol. reason, where the actions of the president trump that was always not accepting the outcome of the elections. and it is something of a debit -- very democratic principle to accept elections and if you're agreecepting, you have to with results. and asking people not to accept the election is one of the reasons for all the things